Take steps to improve financial literacy in April

Published: Friday, April 12, 2013 at 4:30 a.m.

Last Modified: Thursday, April 11, 2013 at 8:59 p.m.

Talking more openly about money and learning how to use it are important steps people can take to build confidence when it comes to financial matters, a money management expert said Wednesday.

Facts

OnTrack financial education and counseling classes

Classes are taught at OnTrack offices, 50 S. French Broad Ave. Suite 227, Asheville. All classes are free with the exception of the Homebuyer's Education class. For more information or to sign up for a course, call OnTrack at 828-255-5166.

“Credit? Get it. Keep it. Improve it” — Classes that help participants learn about credit.• Friday, April 19 from 12 to 1:30 p.m.• Friday, May 17 from 12 to 1:30 p.m.• Friday, June 21 from 12 to 1:30 p.m.

“Ending OverSpending” — An eight-part series designed to help you spend wisely and avoid “‘retail therapy.”• Mondays, April 22 & 29, May 6, 30 & 20 and June 3, 10 & 17 from 5:45 to 7:45 p.m.

“What Every Woman Needs To Know About Money” — A class that explores the differences in how women approach money; how thoughts and feelings both help and hinder women.• Wednesday, April 17 from 5:30 to 7 p.m.

“Homebuyer Education” (There is a $35 fee for this course) — This is a HUD-certified course that provides a step-by-step explanation of the homebuying process and where to find resources for assistance.• (2-part class) Saturdays, April 6 & 13 from 9 a.m. to 3 p.m.• (4-part class) Tuesdays and Thursdays, May 14, 16, 21 & 23 from 5:30 to 8:30 p.m.• (2-part class) Saturdays, June 15 & 22 from 9 a.m. to 3 p.m.

“Emotions & Spending” — A class that explores the powerful role of emotion in the use of money and provides tools for understanding those connections and moving beyond the influential pull our emotions have on spending patterns.• Thursday, May 9 from 5:30 to 7 p.m.• Tuesday, May 14 from 12 to 1 p.m.

“Money Buddies” — This six-part series is aimed at women and encourages capitalizing on personal connections to strengthen money management skills. The Money Buddy series invites women to “bring a friend” for support, encouragement, and mutual accountability. Learn to set personal financial goals and how to reach them.• Thursdays, May 23, 30 and June 6, 13, 20, 27 from 5:30-7 p.m.

People get their clues — or lack of them — about money from an early age at home as they observe how their parents handle the topic, said Celeste Collins, executive director of OnTrack Financial Education and Counseling. The nonprofit United Way agency provides free financial counseling throughout the 18 counties of Western North Carolina.

“Many times, in family situations, where kids get most of their information about how to do life, the parents aren't confident in their ability to manage money, so they don't talk about it and kids never learn how to do it,” Collins said.

“There's also not a consistent approach to teaching financial literacy in the schools. Of all the things that people need to learn about life, how to manage money and use credit is important. I would love to have an age-appropriate curriculum in the schools at every age level that teaches kids about credit, about managing money, about investing.”

Help is available for adults, however, especial during National Financial Literacy Month in April. OnTrack does not sell anything; its counselors give objective evaluations to people about actions they can take with their money, Collins said.

The No. 1 thing a person can do to improve their financial life is simply to figure out where they stand financially, Collins said. On a monthly basis, know where your income is going and how much debt you have. These two topics are good starting points for anyone wanting to take control of their finances, Collins said.

“The very first thing is to try and get your own attention,” she said. “What I've found is that when people stop and really look at it, they are shocked at what is happening and where their priorities are — how they are spending their money. And usually, that gets their attention when it comes to their debt situation.”

Fear keeps many people from dealing with financial issues, but it doesn't have to be that way, Collins said. Financial products and services can be complex and that also contributes to the confusion a person can have about exactly what to do with their money.

Going to a financial planner can be one way to learn about options in investing, but it's important to find someone you can trust, Collins said.

“It's not something that you just want to open the Yellow Pages and look for,” she said. “Some (financial planners) have minimum investment amounts which people need to understand, and always ask about their fees. Know what you are getting into.”

A “Consumer Guide to Financial Planning” is available on the Certified Financial Planner's website at www.letsmakeaplan.org, which is a good resource, as well as contacting the local Better Business Bureau, Collins said.

<p>Talking more openly about money and learning how to use it are important steps people can take to build confidence when it comes to financial matters, a money management expert said Wednesday.</p><p>People get their clues — or lack of them — about money from an early age at home as they observe how their parents handle the topic, said Celeste Collins, executive director of OnTrack Financial Education and Counseling. The nonprofit United Way agency provides free financial counseling throughout the 18 counties of Western North Carolina.</p><p>“Many times, in family situations, where kids get most of their information about how to do life, the parents aren't confident in their ability to manage money, so they don't talk about it and kids never learn how to do it,” Collins said.</p><p>“There's also not a consistent approach to teaching financial literacy in the schools. Of all the things that people need to learn about life, how to manage money and use credit is important. I would love to have an age-appropriate curriculum in the schools at every age level that teaches kids about credit, about managing money, about investing.”</p><p>Help is available for adults, however, especial during National Financial Literacy Month in April. OnTrack does not sell anything; its counselors give objective evaluations to people about actions they can take with their money, Collins said. </p><p>The No. 1 thing a person can do to improve their financial life is simply to figure out where they stand financially, Collins said. On a monthly basis, know where your income is going and how much debt you have. These two topics are good starting points for anyone wanting to take control of their finances, Collins said.</p><p>“The very first thing is to try and get your own attention,” she said. “What I've found is that when people stop and really look at it, they are shocked at what is happening and where their priorities are — how they are spending their money. And usually, that gets their attention when it comes to their debt situation.”</p><p>Fear keeps many people from dealing with financial issues, but it doesn't have to be that way, Collins said. Financial products and services can be complex and that also contributes to the confusion a person can have about exactly what to do with their money.</p><p>Going to a financial planner can be one way to learn about options in investing, but it's important to find someone you can trust, Collins said.</p><p>“It's not something that you just want to open the Yellow Pages and look for,” she said. “Some (financial planners) have minimum investment amounts which people need to understand, and always ask about their fees. Know what you are getting into.”</p><p>A “Consumer Guide to Financial Planning” is available on the Certified Financial Planner's website at www.letsmakeaplan.org, which is a good resource, as well as contacting the local Better Business Bureau, Collins said.</p><p>Reach Kelley at 828-694-7871 or leigh.kelley@blueridgenow.com.</p>